Gladstone Theatre sold to unidentified buyer

The long-term future of the Gladstone Theatre as an arts venue is uncertain after an offer to buy the building was reportedly accepted this week.

When the deal is finalized, the unidentified buyer will take over ownership of the Gladstone Avenue landmark from Ottawa’s Steve Martin. He bought it for about $500,000 in 2007 and undertook an extensive renovation, pouring $1 million into upgrading the facility.

However, returns were lower than expected and Martin struggled with the debt. He put the building up for sale in 2010 with an asking price of $1.5 million. It failed to sell and was taken off the market until this summer, when it was re-listed for $995,000. The centrally located property is a stone’s throw from Preston Street’s Little Italy neighbourhood.

Martin, who did not respond to requests for comment on the sale, told the Citizen last month that any new buyer would be required to honour the 2015-16 theatre season, which is already booked.

Originally a truck-repair garage, the building has a long history as a performing-arts space. In 1982, it was purchased by a group of theatre aficionados and converted into a 236-seat home for the Great Canadian Theatre Company. The Acoustic Waves folk-music concert series was also presented on its stage. The GCTC moved to the Irving Greenberg Theatre Centre on Wellington Street in 2008.

It is believed there were multiple offers on the property, including one from a consortium of arts enthusiasts led by CKCU host and former Ottawa Folk Festival artistic director Chris White. Their vision for the theatre involved delivering a range of arts-related services to the community, including theatre, music, storytelling and audio and video production. A music school, instrument repair depot and a Canadian Folk Music Museum were also part of the consortium’s proposal, which was not accepted.

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